Looking to diversify beyond HCAL.TO? The ETFs below have historically moved differently from HCAL.TO, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for HCAL.TO
20 ETFs have low correlation with HCAL.TO (below 0.3), 7 of which are negatively correlated. The least correlated is Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) (Energy Equities) with a 1Y correlation of -0.18, down from 0.23 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X S&P/TSX Capped Energy Index Corporate Cla... | -0.18 | 0.08 | 0.23 | 88 | Energy Equities | HCAL.TO vs HXE.TO | |
| BetaPro S&P/TSX Capped Energy 2x Daily Bull ETF | -0.18 | 0.10 | 0.26 | 89 | Leveraged Equities | HCAL.TO vs NRGU.TO | |
| iShares S&P/TSX Capped Energy Index ETF | -0.17 | 0.10 | 0.26 | 89 | Energy Equities, Canada Equities | HCAL.TO vs XEG.TO | |
| Hamilton Energy YIELD MAXIMIZER ETF | -0.14 | — | — | 80 | Energy Equities, Derivative Income | HCAL.TO vs EMAX.TO | |
| Hamilton Enhanced Utilities ETF | -0.03 | 0.36 | — | 90 | Utilities Equities | HCAL.TO vs HUTS.TO |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for HCAL.TO, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Tourmaline Oil Corp. (TOU.TO) (Energy) with a 1Y correlation of -0.22, down from 0.18 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Tourmaline Oil Corp. | -0.22 | 0.05 | 0.18 | 56 | Energy | |
| Canadian Natural Resources Limited | -0.17 | 0.09 | 0.25 | 88 | Energy | |
| Enbridge Inc. | -0.00 | 0.25 | 0.36 | 87 | Energy | |
| Sprott Physical Gold Trust | 0.18 | 0.09 | -0.03 | 67 | Financial Services | |
| Bird Construction Inc. | 0.28 | 0.33 | 0.39 | 96 | Industrials |
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